Arbitration What is arbitration?
Arbitration is a form of alternative dispute resolution of private character. When organized on a permanent basis, it is called "institutional arbitration".
Institutional arbitration is a form of arbitration, organized and functioning on a permanent basis at a national or international organization or institution as well as at an independent nongovernmental organization in compliance with the legislation and according to its own rules applicable to all the cases submitted to the arbitration by the arbitration agreement.
The institutional arbitration is independent of the organisation it was created by in its activities. It provides conditions for arbitration autonomy.
The parties may submit the existing or possible disputes to arbitration by signing an arbitration agreement. In case of contradictions between the arbitration agreement and the rules of the institutional arbitration, the arbitration agreement should predominate.
The rules of procedure of the institutional arbitration are adopted by its management in compliance with the order of functioning established in its statute.
By choosing the institutional arbitration for resolving the existing or possible disputes the parties also choose automatically the rules of procedure applicable to their disputes. This provision is obligatory with the exception of the cases when taking into consideration the circumstances of the case and the content of the rules of procedure chosen by the parties, the management of the institutional arbitration decides to apply the above mentioned rules of procedure.
The rules of procedure of the institutional arbitration become applicable and come into force since the court receives the notification, unless otherwise agreed by the parties.
The arbitration guarantees the right of defence to the parties, as well as compliance to the adversarial principle.
